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ADX Energy Ltd.: ADX Attracts Further Industry Investment To Fund Gas Exploration In Upper Austria

Wien (pta008/04.12.2023/10:06 UTC+1)

"Energy Investment Agreement with MND will bring EUR 4.95 million of funding to the ADX-AT-I exploration Investment Area"

Deal Summary

  • At completion, MND Austria a.s. (MND) will pay back costs of EUR 0.45 million (A$ 0.73 million) to ADX VIE GmbH (ADX) and subsequently fund EUR 4.5 million (A$ 7.34 million) for exploration drilling to earn a 50% economic interest in an Exploration Investment Area in the ADX-AT-I license (Investment Area), in Upper Austria. The Investment Area is shown in igure 1 at the PDF file.
  • Completion of the transaction is subject to confirmation of acceptance of the Investment Area partnership documentation by the Austrian designated authority. The form of partnership documentation used for this transaction was previously developed by ADX and accepted by Austrian Authorities for MND's economic participation in the Anshof Field Area.
  • Several gas prospects are available for drilling in the Investment Area. ADX and MND (The Parties) currently intend to drill either the LICHT or the IRR gas exploration prospect during the second half of 2024. Both prospects offer very large gas resources upside potential and are mature for drilling. The LICHT prospect location has already received a drilling permit, including the environmental clearance.
  • At completion of the transaction, ADX will remain operator and retain a 50% economic interest in the exploration Investment Area. ADX has retained a 100% interest in the remainder of the ADX-AT-I licence including adjacent gas exploration prospects (OHO and ZAM) and the GMU geothermal / oil and gas combined energy prospect.
  • MND a.s., the parent of MND, is a highly credentialled European explorer, producer and oil services group that generated approx. EUR 8.5 billion of revenue in 2022.

ADX Executive Chairman, Mr Ian Tchacos, said,

"The Board of ADX is delighted to have entered into another investment agreement with MND which will accelerate our gas exploration program in Upper Austria. MND brings additional exploration funding of up to EUR 4.95 million as well as extensive skills, experience and operating capability. We are very pleased to further extend our collaborative relationship with MND across the Anshof Oil Field as well as exploration drilling opportunities within the ADX-AT-I licence. This transaction brings the number of industry funded wells in ADX' Upper Austria licences to four wells which we expect to drill within the next 12 months. This investment by MND is a further endorsement of the capability of our technical team who continue to originate and mature an exceptional exploration prospect portfolio in Upper Austria".

For Details please see the PDF File.


Emitter: ADX Energy Ltd.
Ölzeltgasse 3/8
1030 Wien
Contact Person: DI Paul Fink
Phone: +43 (0)676 6893465
ISIN(s): AU000000ADX9 (Share)
Stock Exchange(s): Free Market in Berlin, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges: Australian Securities Exchange (ASX), Sydney